Scott Devitt Three Quotations

These businesses are not meant to be managed on a quarterly basis but people take quarterly results and extrapolate them to come up with a long-term value for the stocks. You have to look at them with time horizons of two or three years, not two or three months.

That's exactly what's going on. You've had three years of tremendous post-bubble growth. Now the companies have to reinvest.

That's exactly what's going on, ... You've had three years of tremendous post-bubble growth. Now the companies have to reinvest.